Ringgit Ends Lower In Line With Regional Currencies

KUALA LUMPUR, Feb 17 (Bernama) -- The ringgit closed lower against the US dollar in line with other emerging Asian currencies as investors continued to place their bets on the US dollar. At 5 pm, the local unit was traded at 4.2140/2200 against the greenback from 4.1500/1550 Tuesday. Investors favoured the US dollar mainly due to the Federal Reserve's continued hints that its interest rate increase campaign was on track, coupled with doubts over an oil price rebound. FXTM Research Analyst Lukman Otunuga said West Texas Intermediate oil was heavily bearish on the daily timeframe. "From a technical standpoint, prices are trading below the daily 20 simple moving average while the moving average convergence divergence has crossed to the downside. "Previous support at US$30 per barrel should act as a dynamic resistance which should encourage sellers to send prices towards US$25 per barrel," he said in a note. Meanwhile, the ringgit was traded mostly lower against a basket of major currencies. It fell against the Singapore dollar to 2.9937/9986 from 2.9590/9647 Tuesday and weakened versus the yen to 3.7007/7070 from 3.6276/6329. The ringgit declined against the euro to 4.7020/7104 from 4.6356/6428 and appreciated vis-a-vis the British pound to 6.0130/0232 from 6.0171/0252. -- BERNAMA